Triton to complete acquisition of Siemens Energy’s Trench in H1 2024

Private equity firm Triton said on Thursday that it is acquiring Siemens Energy’s high-voltage business Trench in a deal that is expected to close in the first half of 2024.

Siemens Energy said the sale would “sharpen its portfolio”, adding that the transaction was still subject to approval of authorities and employee representatives.

Both parties said the transaction value would not be disclosed. German business daily Handelsblatt reported on Wednesday that it was in the mid-three-digit million euro range.

Trench, which makes bushings, transformers and coil products, employs around 2,500 staff, less than 3% of Siemens Energy’s total workforce.

Siemens Energy, which has been struggling with losses at its wind power division Siemens Gamesa, expects a net loss of 4.5 billion euros ($4.8 billion) in the current financial year.